{
    "type": "ETC",
    "ucits": true,
    "leverage": false,
    "derivatives": true,
    "swaps": false,
    "inverse": false,
    "replication_method": "synthetic",
    "complex_factors": [
        "Commodity Futures",
        "Rolling Costs",
        "Currency Hedging"
    ],
    "classification": "complex",
    "supporting_data": "The WisdomTree Industrial Metals - EUR Daily Hedged ETC is classified as complex due to several factors. Firstly, it tracks a commodity futures index, which introduces complexities such as roll costs, contango, and backwardation effects that are not easily understood by retail investors. The product also employs currency hedging, adding another layer of complexity. While it does not explicitly mention swaps or leverage, the use of futures contracts and the synthetic replication of the index through collateralized debt securities make it inherently complex. The risk indicator of 4 out of 7 and the warning that the product is 'not simple and may be difficult to understand' further support this classification. Additionally, the product's exposure to industrial metals futures, which can be volatile and require specialized knowledge, contributes to its complexity.",
    "confidence": 90
}